Reno-Sparks Real Estate Pulse: April 2024 Market Insights

April sales pick up; median price pulls back

April saw renewed vigor in the Reno, Nevada Metro housing market.

The median home price for the Reno-Sparks real estate market receded to $565,000 in April—a notable 1.7% one-month pullback from March’s median; however, saw a 4.6% year-over-year increase.

Despite the median sales price decrease, the median sold price per square foot (PPSF) rose month-over-month in April 2024—coming in at $306.21/sq.ft.—a 2.6% increase over March’s number; and up 4.6% over the same period last year.

Home sales saw a healthy increase for the month. The number of homes sold in April 2024 rose to 378—a 12.2% increase over March’s 337 SFRs sold; and up 1.3% over the same period last year.

Available inventory of homes listed and available for purchase currently sits at 614 units—up considerably over this time last month. Inventory is up 22.6% over March’s level; and up 1.3% over this time last year. It should be noted that this is the first year-over-year increase in inventory observed since April 2023.

Pending sales are also up over the previous month’s. There are currently 531 SFRs pending sale. This number is up 4.3% over this time last month; and is down a relatively flat 0.2% from this time last year.

April’s months’ supply of inventory (MSI) came in at 1.6 months of supply—up ever-so-slightly over March’s 12-month record low of 1.5 MSI. Indicative of a seller’s market, this figure is calculated by dividing the available inventory by the number of homes sold last month. A balanced market is generally considered to be between four and six months of supply.

April’s median days on market (DOM) clocked in at 46 days—a decline of 11 days from March’s median DOM. Year-over-year, April’s DOM was also down—12 days from April 2023’s DOM number.

The quartile chart below shows the changes to the 1st, 2nd, and 3rd quartiles of monthly sale prices spanning the most recent 13 months.

This interactive chart allows readers to compare sales price trends within a quartile relative to the trends observed in the other quartiles. For example, as can be seen in the chart above, while home sale prices decreased in quartiles 1 and 2 (the lowest-priced houses and the mid-range priced houses, respectively), home prices in quartile 3 (the highest-priced houses) increased.

The median sales price for condo/townhomes rose in April. The median sales price for condo/townhomes climbed to $365,820—a 6.0% increase over March’s median; as well as a noteworthy 16.1% year-over-year increase.

Condo/townhome sales also rose—up 18.6% over March sales; however, down 4.6% year-over-year.

13 Months of SFR Sales Data

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Apr 2024 378 $565,000 $306.21 46 614 531
Mar 2024 337 $575,000 $298.44 57 488 458
Feb 2024 308 $549,950 $316.81 73 488 458
Jan 2024 256 $534,500 $292.49 87 516 445
Dec 2023 279 $565,000 $301.91 64 575 344
Nov 2023 328 $553,500 $298.89 64 692 381
Oct 2023 348 $575,000 $308.78 61 818 412
Sep 2023 376 $562,500 $306.05 54 809 459
Aug 2023 430 $575,000 $310.79 55 820 501
Jul 2023 439 $570,000 $304.57 49 794 507
Jun 2023 448 $575,000 $306.21 49 751 584
May 2023 418 $555,000 $295.47 49 694 560
Apr 2023 373 $539,950 $292.68 58 606 532
Mar 2023 406 $529,250 $287.30 75 550 512

As we conclude our April 2024 market insights for the Reno-Sparks Metro area, it’s clear that the spring season has brought with it a revitalization in home sales, despite a slight retreat in median prices. This activity underscores the dynamic nature of our local market, which continues to attract a diverse range of buyers and sellers. The increase in inventory and pending sales suggests a healthy demand that could stabilize prices in the coming months. Buyers and sellers alike should remain attentive to these trends, as the evolving market landscape offers both challenges and opportunities. For those navigating this market, staying informed will be key to making strategic decisions in this competitive environment.

As always, we welcome your comments.

Thinking of selling your home and looking for guidance in the current market? Schedule a consultation with me to get personalized advice on your real estate goals.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.

1. The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – May 4, 2024. Note: This information is deemed reliable, but not guaranteed.

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